ExxonMobil Corporation
Basic information Ownership status: Publicly traded Number of employees worldwide: 106,400 Website: http://www.exxonmobil.com/ Tel: +1-972-444-1000 Corporate accountability Brief company history: The Exxon Mobil Corporation was formed in 1999 by the merger of tw* major oil companies, Exxon and Mobil. Both Exxon and Mobil were descendants of the John D. Rockefeller corporation, Standard Oil which was established in 1870. The reputation of Standard Oil in the public eye suffered badly after publication of Ida M. Tarbell's classic exposé The History of the Standard Oil Company in 1904, leading t* a growing outcry for the government t* take action against the company. By 1911, with public outcry at a climax, the Supreme Court of the United States ruled that Standard Oil must be dissolved and split int* 34 companies. Tw* of these companies were Jersey Standard ("Standard Oil Company of New Jersey"), which eventually became Exxon, and Socony ("Standard Oil Company of New York"), which eventually became Mobil. In the same year, the nation's kerosene output was eclipsed for the first time by gasoline. The growing automotive market inspired the product trademark Mobiloil, registered by Socony in 1920. Over the next few decades, both companies grew significantly. Jersey Standard, led by Walter C. Teagle, became the largest oil producer in the world. It acquired a 50 percent share in Humble Oil & Refining Co., a Texas oil producer. Socony purchased a 45 percent interest in Magnolia Petroleum Co., a major refiner, marketer and pipeline transporter. In 1931, Socony merged with Vacuum Oil Co., an industry pioneer dating back t* 1866 and a growing Standard Oil spin-off in its own right. In the Asia-Pacific region, Jersey Standard had oil production and refineries in Indonesia but n* marketing network. Socony-Vacuum had Asian marketing outlets supplied remotely from California. In 1933, Jersey Standard and Socony-Vacuum merged their interests in the region int* a 50-50 joint venture. Standard-Vacuum Oil Co., or "Stanvac," operated in 50 countries, from East Africa t* New Zealand, before it was dissolved in 1962. Mobil Chemical Company was established in 1960. As of 1999, its principal products included basic olefins and aromatics, ethylene glycol and polyethylene. The company produced synthetic lubricant base stocks as well as lubricant additives, propylene packaging films and catalysts. Exxon Chemical Company (first named Enjay Chemicals) became a worldwide organization in 1965 and in 1999 was a major producer and marketer of olefins, aromatics, polyethylene and polypropylene along with specialty lines such as elastomers, plasticizers, solvents, process fluids, ox* alcohols and adhesive resins. The company was an industry leader in metallocene catalyst technology t* make unique polymers with improved performance. In 1955, Socony-Vacuum became Socony Mobil Oil Co. and in 1966 simply Mobil Oil Corp. A decade later, the newly incorporated Mobil Corporation absorbed Mobil Oil as a wholly owned subsidiary. Jersey Standard changed its name t* Exxon Corporation in 1972 and established Exxon as a trademark throughout the United States. In other parts of the world, Exxon and its affiliated companies continued t* use its Ess* trademark. On March 24, 1989, the Exxon Valdez oil tanker struck Bligh Reef in Prince William Sound, Alaska and spilled more than 11 million gallons (42,000 m³) of crude oil. The Exxon Valdez oil spill was the second largest in U.S. history, and in the aftermath of the Exxon Valdez incident, the U.S. Congress passed the Oil Pollution Act of 1990. The company is still appealing a $2.5 billion USD punitive ruling, and has not paid any damages yet. In 1998, Exxon and Mobil signed a US$73.7 billion definitive agreement t* merge and form a new company called ExxonMobil Corporation, the largest company on the planet. After shareholder and regulatory approvals, the merger was completed on November 30, 1999. The merger of Exxon and Mobil was unique in American history because it reunited the tw* largest companies of John D. Rockefeller's Standard Oil trust, Standard Oil Company of New Jersey/Exxon and Standard Oil Company of New York/Mobil, which had been forcibly separated by government order nearly a century earlier. As a result of the merger, it became largest merger in US corporate history. In 2000, ExxonMobil sold a refinery in Benicia, California and 340 Exxon-branded stations t* Valer* Energy Corporation, as part of an FTC-mandated divestiture of California assets. ExxonMobil continues t* supply petroleum products t* over 700 Mobil-branded retail outlets in California. In 2005, ExxonMobil's stock price surged in parallel with rising oil prices, surpassing General Electric as the largest corporation in the world in terms of market capitalization. At the end of 2005, it reported record profits of US $36 billion in annual income, up 42% from the previous year (the overall annual income was an all-time record for annual income by any business, and included $10 billion in the third quarter alone, als* an all-time record income for a single quarter by any business). The company and the American Petroleum Institute, the oil and chemical industry's lobbying apparatus, tried t* downplay its success in order t* avoid consumer criticism by putting up page-long ads in major American newspapers, such as The New York Times, The Washington Post, comparing oil industry profits t* those of other large industries such as pharmaceuticals and banking. 4 Financial information Detailed financial information Stock ticker symbol: XOM Fortune 500 position: 1 Total revenue: 366,240,000,000 Net Income: 40,000,000,000 Major lines of business/segments: Operating divisions ExxonMobil is organized functionally int* a number of global operating divisions. These divisions are grouped int* three categories for reference purposes, though the company als* has several ancillary divisions, such as Coal & Minerals, which are stand alone. * Upstream (oil exploration, extraction, shipping, and wholesale operations) based in Houston, Texas * Downstream (marketing, refining, and retail operations) based in Fairfax, Virginia * Chemical division based in Houston, Texas Operating divisions by category are as follows: * Upstream * ExxonMobil Exploration Company * ExxonMobil Development Company * ExxonMobil Production Company * ExxonMobil Gas and Power Marketing Company * ExxonMobil Upstream Research Company * Downstream * ExxonMobil Refining and Supply Company * ExxonMobil Fuels Marketing Company * ExxonMobil Lubricants & Specialties Company * ExxonMobil Research and Engineering Company * Chemical * ExxonMobil Chemical Company * ExxonMobil Global Services Company * ExxonMobil Information Technology * Global Real Estate and Facilities * Global Procurement * Business Support Centers Location Corporate Headquarters 5959 Las Colinas Boulevard Irving, TX, 75039 United States